¿Do you want to know what a checking account is? Alfredo Barandiarán analyzes for Economía Responsable what a bank account is, its operation and the requirements to open a new account. Welcome!
What is a check bank account
A checking account is a type of bank account that allows the account holder to deposit and withdraw money, write checks, and make electronic transactions. These types of accounts are often used for everyday expenses, such as paying bills and making purchases. They typically offer fewer interest earning opportunities than savings accounts, but they allow for more flexibility and ease of access to funds.
Functions
Here is a list with up to 8 functions that checking accounts have:
- Depositing money: You can deposit cash or checks into your checking account.
- Withdrawing money: You can withdraw cash from your account using an ATM or by visiting a bank teller.
- Writing checks: You can write checks against the funds in your account to pay bills or make purchases.
- Electronic transactions: You can make electronic transactions such as online purchases or bill payments using your account’s routing and account numbers.
- Direct deposit: You can set up direct deposit of your salary, social security, or any other income into your account.
- Debit card: Most checking accounts come with a debit card which allows you to make purchases or withdraw cash from your account.
- Online banking: You can access your account online, check your balance, view transactions, pay bills, transfer money, and more.
- Overdraft protection: Some checking accounts offer overdraft protection, which can help prevent insufficient funds fees in case you accidentally spend more than you have in your account.
Requirements
Each bank has its own requirements but here we leave you the most common:
- Personal identification: This can include a government-issued ID such as a driver’s license, passport, or state ID.
- Proof of address: This can include a utility bill, lease agreement, or mail sent to your current address.
- Social Security number (SSN) or Individual Tax Identification Number (ITIN)
- Initial deposit: Most banks require a minimum deposit to open a checking account.
- You may also need to provide your employer information or a proof of income depending on the bank.
Best banks to open a checking account in 2023
We have made a chart with the best banks to open a checking account with the main features of each account:

- It is very easy to avoid monthly commissions
- Welcome bonus of 200 dollars fulfilling conditions
- More than 16,000 ATMs in the United States
- $25 minimum deposit
- Very low interest rates

- It is very easy to avoid monthly commissions
- More than 16,000 ATMs in the United States
- $100 minimum deposit
- No welcome bonus
- High interest rates if you have a lot of savings

- It is very easy to avoid monthly commissions
- Nearly 12,000 ATMs
- $25 minimum deposit
- Welcome bonus of 200 dollars fulfilling conditions
- High interest rates on CDs

- No fees and no requirements
- Nearly 60,000 ATMs
- Welcome bonus of 250 dollars fulfilling conditions
- High interest rates on CDs

- It is very easy to avoid monthly commissions
- Nearly 50,000 ATMs
- Without minimum deposit
- Welcome bonus of 400 dollars fulfilling conditions
- High interest rates on CDs
Video with the best checking accounts in 2023
We have made a video with the best checking accounts in the United States in 2023:
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Updated the day 28 January, 2023 by Alfredo Barandiarán
- Schwab checking account review - 27 January, 2023
- Citibank checking accounts - 25 January, 2023
- Sofi checking account review - 24 January, 2023